Replies to post #11711 on Tytan Holdings Inc (TYTN)

[Z732Z]

he worked out some kind of deal with zealous assets but we dont know the terms--His wife was also being sued and don't know what happened there

[steved_45]

That's not how BK works. We'd need to know if he's in a ch.7 liquidation or ch. 11 reorganization. Most likely in a reorganization. The idea is to map out a plan of how he's going to repay his creditors and how much each creditor will receive. He'll also be able to keep certain assets like his home, retirement plans, and other assets allowed under his state's homestead exemption.

The IRS can seize accounts but not through a court order

Edit: remember that the sheriff can seize property like Mitch Bogdan's tractors and then auction them off to pay the creditor...